This can not be overlooked. And as a New Yorker we all know that this will ripple effect to NYC in a few months. Six more banks failed based on FDIC data on December 4, including Greater Atlantic Bank, Reston, Va., Benchmark Bank, Aurora, Ill., AmTrust Bank, Cleveland, The Tattnall Bank, Reidsville, Ga., First Security National Bank, Norcross, Ga., and The Buckhead Community Bank, Atlanta, Ga. The... [more]
This can not be overlooked. And as a New Yorker we all know that this will ripple effect to NYC in a few months.
Six more banks failed based on FDIC data on December 4, including Greater Atlantic Bank, Reston, Va., Benchmark Bank, Aurora, Ill., AmTrust Bank, Cleveland, The Tattnall Bank, Reidsville, Ga., First Security National Bank, Norcross, Ga., and The Buckhead Community Bank, Atlanta, Ga. The latest collapses bring the bank failure tally to 130 for the year.
One of these, AmTrust, was no normal bank failure. The bank, which had a total of 66 branches, was closed by the Office of Thrift Supervision, which appointed the Federal Deposit Insurance Corporation as receiver. According to The Wall Street Journal, "AmTrust is the fourth-largest U.S. bank or savings institution to fail so far this year." Its branches will be taken over by New York Community Bank.
Shuttering the firm is expected to cost the FDIC about $2.0 billion. The FDIC and NYCB entered into a loss-share transaction on approximately $6.0 billion of AmTrust Bank's assets, but it will likely not be enough to save the taxpayers a huge sum of money.
And the failure raises once again the issue of the adequacy of the size of FDIC funds. In early October, the agency ordered its bank members to prepay $45 billion in fees which covers the banks' premium obligations for three year. But, the FDIC has said the total cost of bank failures could hit $100 billion by the end of 2013. That begs the question of whether the FDIC will have to "tax" banks again to make up for another shortfall.
The FDIC has one other place it can turn for the capital--The Treasury Department which means indirectly the U.S. taxpayer. The credit crisis has already cost taxpayers a huge sum on bank bailouts and the jobs of millions of people. And, the FDIC says the misery may not be over for another four years.
Douglas A. McIntyre is an editor at 24/7 Wall St.
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Response by sunclaus1
about 16 years ago
Posts: 139
Member since: Jul 2009
YOU ON the Money !! CHOPS are Coming for 2010...Went to an open house today.(not on East End) .Broker braggin he got a Bid from a Tear Down Contractor at 1.6M (current ask 1.995)
The dayz for all these are coming to a rude ending CHOP CHOP
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Response by limstone
about 16 years ago
Posts: 8
Member since: Jan 2010
Local Hamptons brokerage Town & Country Real Estate has released its 4th quarter market report and it looks like ’09 ended with a nice little pop: 47% increase in overall sales from '08 to '09, with median prices rising over 12%.
Looks like you may be missing the boat here. I'm back in!
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Response by sunclaus1
about 16 years ago
Posts: 139
Member since: Jul 2009
LIMMER IS A SWIMMER IN Dreams
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Response by Tiger59
about 16 years ago
Posts: 51
Member since: Oct 2009
Homes sales on the East End of Long Island saw a stunning leap in the fourth quarter of 2009, according to a market report released today by Prudential Douglas Elliman.
The number of sales on the East End, which includes the Hamptons and North Fork, jumped 55.4 percent in the fourth quarter to 564, from 363 in the same quarter of 2008 and 22.9 percent from 459 in the third quarter, the report determined.
In the Hamptons area of Long Island's South Fork, sales skyrocketed 59 percent in the fourth quarter to 409 from 257 in the prior-year quarter, and 20.6 percent from 339 in the third quarter. Median sales prices rose 4.9 percent to $917,900 in the fourth quarter from $875,000 in the same period of 2008, and increased 13.3 percent from $810,000 in the third quarter. However, the average price of a Hamptons home -- $1.59 million -- dipped 12.3 percent from the prior-year-quarter.
The North Fork showed a similar uptick, with sales activity surging 46.2 percent to 155 from 106 in the prior-year quarter. North Fork price trends showed more weakness than the Hamptons, however. The median sales price in the North Fork in the fourth quarter was $450,000, 10 percent less than $500,000 in the same period of 2008.
The fourth quarter saw the highest level of sales on the East End in two years, said appraiser Jonathan Miller, president and CEO of Miller Samuel, who prepared the report. (For a story about the Hamptons residential market over the last decade, click here.)
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Response by GoingDown
almost 16 years ago
Posts: 164
Member since: Aug 2008
Here come the bonuses. The bottom is over.
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Response by NeedAdvice
almost 16 years ago
Posts: 50
Member since: Oct 2009
Take it from someone who knows...the bonuses are largely in stock these days with an extended vesting period. You can't make a down payment or pay the mortgage with stock that can't even be sold for 3-5 years.
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Response by sonyahennystutu
almost 16 years ago
Posts: 4
Member since: Dec 2009
@NeedAdvice - I see more aggressive rental action as a result.
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Response by GoingDown
almost 16 years ago
Posts: 164
Member since: Aug 2008
Bonuses are real. Hamptons is the place to buy, while interests rates are 5%. There will NEVER be another time like this in our lifetime.
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Response by boxer1
almost 16 years ago
Posts: 73
Member since: Jan 2009
Here's a theoretical question which I would love to know the answer to - we have only seen interest rates go down for the last 25 years, and the RE has done incredibly well over that period, even with the recent drop. So what will happen to the housing market once the rates start increasing?
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Response by NYC10013
almost 16 years ago
Posts: 464
Member since: Jan 2007
Um, prices will decline. A lot. You want to buy real estate when interest rates are at their peak and sell when they're at their trough. Blows my mind how many people don't understand this.
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Response by BonacStyle
almost 16 years ago
Posts: 28
Member since: Nov 2009
Funny how none of these Realtor based market reports don't report this:
103 Lis Pendens filings in zipcode 11937 since September first. The dizzying amount of for sale signs, everywhere you go in East Hampton. The 21 vacant stores in the Main Street area.
HUH???????? Bottom? really? why?
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Response by BonacStyle
almost 16 years ago
Posts: 28
Member since: Nov 2009
15 more in Bridgehampton since 09/2009. should i keep going?
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Response by BonacStyle
almost 16 years ago
Posts: 28
Member since: Nov 2009
182 lis pendens in zipcode 11968 ( southampton ).................prices are going up??!?!?
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Response by BonacStyle
almost 16 years ago
Posts: 28
Member since: Nov 2009
sorry, 182 wrong. only 74
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Response by NeedAdvice
almost 16 years ago
Posts: 50
Member since: Oct 2009
CEO bonuses fell 22% in US in 2009-report
Reuters News
According to Equilar, a leading firm that tracks pay data, US consumer, financial and technology companies have slashed bonuses for their CEOs by more than half in 2009 as companies are moving to more closely tie executive pay to performance. Equilar has said that preliminary data from corporate proxy filings shows that the median CEO bonus payments fell 21.9% to US$689,000 in 2009 from US$882,000 in 2008. Executive compensation has been a front-burner topic, especially in the banking industry, since hundreds of billions of dollars of taxpayer money was committed to bail out the financial services and auto industries.
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Response by NYC10013
almost 16 years ago
Posts: 464
Member since: Jan 2007
The party is just getting started in the Hamptons. Going to be nasty. Rising interest rates, banker bonuses down, fewer people want to own a second home, NYC unemployment up, PE carry pushed out 3-5 years+ (if it still exists), the list goes on...
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Response by sunclaus1
almost 16 years ago
Posts: 139
Member since: Jul 2009
CHOPS COMING You Owner-losers gonna CRY Everywhere on East End !!
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Response by sunclaus1
almost 16 years ago
Posts: 139
Member since: Jul 2009
CEO s ruined this Country They should be sent to jail with Madoff..And have their estates SOLD OFF TOO !!
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Response by GoingDown
almost 16 years ago
Posts: 164
Member since: Aug 2008
Who is selling? I am buying NOW!
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Response by NeedAdvice
almost 16 years ago
Posts: 50
Member since: Oct 2009
We're happy that you're such a zealous buyer now GoingDown, but clearly you realize it's prudent in this market to be very cautious in what you're willing to offer. Few people (other than agents of course) share your enthusiasm about this market. There will always be some homes that sell, but we're hardly in a situation where potential buyers need to rush in or they risk being priced out. Inventories are still huge even if some houses are selling. I don't plan to rush, but will cautiously continue looking.
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Response by GoingDown
almost 16 years ago
Posts: 164
Member since: Aug 2008
The best properties will go first as in any market. There is tons of crap out there right now, but we have offers in on two places now. I think we will be in by Mid May for sure.
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Response by Tiger59
almost 16 years ago
Posts: 51
Member since: Oct 2009
Today's Prudential Douglas Elliman Hamptons market report proffers up a bunch of new real estate numbers from the first quarter of 2010 to chew over%u2014numbers that at first blush make the market almost seem superheated. Median sales prices up 34.6% to $908,500, versus last year's first quarter! Median sales prices for the top 10% of the market up nearly the same, 34.2%, to $5,484,934. And the report clocks 486 sales in the quarter, versus a paltry 201 in the dark days of early 2009. Not bad at all.
Thank god all the rude contrarians "forget" to get in while the getting was
YOU ON the Money !! CHOPS are Coming for 2010...Went to an open house today.(not on East End) .Broker braggin he got a Bid from a Tear Down Contractor at 1.6M (current ask 1.995)
The dayz for all these are coming to a rude ending CHOP CHOP
Local Hamptons brokerage Town & Country Real Estate has released its 4th quarter market report and it looks like ’09 ended with a nice little pop: 47% increase in overall sales from '08 to '09, with median prices rising over 12%.
Looks like you may be missing the boat here. I'm back in!
LIMMER IS A SWIMMER IN Dreams
Homes sales on the East End of Long Island saw a stunning leap in the fourth quarter of 2009, according to a market report released today by Prudential Douglas Elliman.
The number of sales on the East End, which includes the Hamptons and North Fork, jumped 55.4 percent in the fourth quarter to 564, from 363 in the same quarter of 2008 and 22.9 percent from 459 in the third quarter, the report determined.
In the Hamptons area of Long Island's South Fork, sales skyrocketed 59 percent in the fourth quarter to 409 from 257 in the prior-year quarter, and 20.6 percent from 339 in the third quarter. Median sales prices rose 4.9 percent to $917,900 in the fourth quarter from $875,000 in the same period of 2008, and increased 13.3 percent from $810,000 in the third quarter. However, the average price of a Hamptons home -- $1.59 million -- dipped 12.3 percent from the prior-year-quarter.
The North Fork showed a similar uptick, with sales activity surging 46.2 percent to 155 from 106 in the prior-year quarter. North Fork price trends showed more weakness than the Hamptons, however. The median sales price in the North Fork in the fourth quarter was $450,000, 10 percent less than $500,000 in the same period of 2008.
The fourth quarter saw the highest level of sales on the East End in two years, said appraiser Jonathan Miller, president and CEO of Miller Samuel, who prepared the report. (For a story about the Hamptons residential market over the last decade, click here.)
Here come the bonuses. The bottom is over.
Take it from someone who knows...the bonuses are largely in stock these days with an extended vesting period. You can't make a down payment or pay the mortgage with stock that can't even be sold for 3-5 years.
@NeedAdvice - I see more aggressive rental action as a result.
Bonuses are real. Hamptons is the place to buy, while interests rates are 5%. There will NEVER be another time like this in our lifetime.
Here's a theoretical question which I would love to know the answer to - we have only seen interest rates go down for the last 25 years, and the RE has done incredibly well over that period, even with the recent drop. So what will happen to the housing market once the rates start increasing?
Um, prices will decline. A lot. You want to buy real estate when interest rates are at their peak and sell when they're at their trough. Blows my mind how many people don't understand this.
Funny how none of these Realtor based market reports don't report this:
103 Lis Pendens filings in zipcode 11937 since September first. The dizzying amount of for sale signs, everywhere you go in East Hampton. The 21 vacant stores in the Main Street area.
HUH???????? Bottom? really? why?
15 more in Bridgehampton since 09/2009. should i keep going?
182 lis pendens in zipcode 11968 ( southampton ).................prices are going up??!?!?
sorry, 182 wrong. only 74
CEO bonuses fell 22% in US in 2009-report
Reuters News
According to Equilar, a leading firm that tracks pay data, US consumer, financial and technology companies have slashed bonuses for their CEOs by more than half in 2009 as companies are moving to more closely tie executive pay to performance. Equilar has said that preliminary data from corporate proxy filings shows that the median CEO bonus payments fell 21.9% to US$689,000 in 2009 from US$882,000 in 2008. Executive compensation has been a front-burner topic, especially in the banking industry, since hundreds of billions of dollars of taxpayer money was committed to bail out the financial services and auto industries.
The party is just getting started in the Hamptons. Going to be nasty. Rising interest rates, banker bonuses down, fewer people want to own a second home, NYC unemployment up, PE carry pushed out 3-5 years+ (if it still exists), the list goes on...
CHOPS COMING You Owner-losers gonna CRY Everywhere on East End !!
CEO s ruined this Country They should be sent to jail with Madoff..And have their estates SOLD OFF TOO !!
Who is selling? I am buying NOW!
We're happy that you're such a zealous buyer now GoingDown, but clearly you realize it's prudent in this market to be very cautious in what you're willing to offer. Few people (other than agents of course) share your enthusiasm about this market. There will always be some homes that sell, but we're hardly in a situation where potential buyers need to rush in or they risk being priced out. Inventories are still huge even if some houses are selling. I don't plan to rush, but will cautiously continue looking.
The best properties will go first as in any market. There is tons of crap out there right now, but we have offers in on two places now. I think we will be in by Mid May for sure.
Today's Prudential Douglas Elliman Hamptons market report proffers up a bunch of new real estate numbers from the first quarter of 2010 to chew over%u2014numbers that at first blush make the market almost seem superheated. Median sales prices up 34.6% to $908,500, versus last year's first quarter! Median sales prices for the top 10% of the market up nearly the same, 34.2%, to $5,484,934. And the report clocks 486 sales in the quarter, versus a paltry 201 in the dark days of early 2009. Not bad at all.
Thank god all the rude contrarians "forget" to get in while the getting was
TIGER59 Back to his OLD TRICKS CHOP CHOP